The latest national statistics through May this year from the Energy Information Administration (EIA) showed the use of natural gas for power generation growing at about the same pace that coal-fired generation is declining, but the biggest movements are for hydroelectric supplies moving up sharply and nuclear-based power dropping.
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Although the cash market showed a few signs of vitality in moving to near-flat numbers Tuesday following the previous day’s losses at nearly all points, there was little in the near-term outlook to suggest any chances of a substantive rally anytime soon.
August natural gas declined slightly Wednesday as algorithmic traders showed little interest in purchases at current prices and the market awaits the release of government inventory figures. August had fallen 3.3 cents to $4.500 and September had skidded 4.2 cents to $4.469. August crude oil gained 64 cents to $98.14/bbl.
June natural gas futures showed little movement as traders see a market driven by short-covering by funds and managed accounts rather than any fundamental development that could provide a sustainable base for further gains. By the end of the day June had eased half of a penny to $4.693 and July had risen two-tenths of a penny to $4.763. June crude oil dropped 41 cents to $113.52/bbl.
May natural gas futures continued on their downward spiral Thursday following the release of government inventory data that showed a withdrawal far less than what the industry was expecting.
The spot market showed some signs of returning strength as advances that were concentrated occurred in the West and Northeast outnumbered losses Tuesday, with flat numbers again in vogue. This came a day after a large majority of points softened.
Range Resources Corp. Tuesday was cleared of fouling North Texas water wells with natural gas by a unanimous vote of the Railroad Commission of Texas (RRC). It was vindication for the Fort Worth, TX-based producer and an informal indictment of the Environmental Protection Agency (EPA) — not that anyone from the federal agency was at the meeting in Austin, TX, to hear it.
The Lower 48 states showed natural gas production gains of 9% from December 2009 to December 2010, led by a major jump in Louisiana production and in shale gas production in areas outside the traditional large producing states, the Energy Information Administration (EIA) said last week.
Although residents of the Upper Plains, Midwest, Northeast and most of Canada can expect subfreezing lows Wednesday, only a few delivery points in the Northeast showed any signs of significant heating load in their pricing Tuesday. Otherwise, following a day of gains at a large majority of locations the market was exhibiting some signs of weakness Tuesday as small upticks moderately dominated a near-flat mix of quotes.
The Lower 48 states showed natural gas production gains of 9% from December 2009 to December 2010, led by a major jump in Louisiana production and in shale gas production in areas outside the traditional large producing states, the Energy Information Administration (EIA) said Monday.